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Report Overview: GCC Metal Forging MarketThe GCC metal forging market size was estimated at USD 1.07 billion in 2020 and is anticipated to expand at a compounded annual growth rate (CAGR) of 1.9% from 2021 to 2027. Increasing focus on infrastructure development particularly in Asia Pacific countries is projected to drive product consumption in the forthcoming years. Increasing activities in the GCC oil and gas industry is estimated to be the key driver for market growth. The demand for forged metal components such as ball valves, wellhead equipment, electric motors, turbines, and pumps from the oil and gas industry are predicted to grow at a stable pace over the forecast period 2021-2027. Saudi Arabia has 18% of global petroleum reserves. The oil and gas sector in the country contributes to over 50% of the GDP. In 2017, the country generated around USD 231.48 billion in revenue through exports; out of which USD 159.74 billion came from the petroleum sector alone. The country requires different types of oil and gas machinery and equipment for the sustainability of the sector. As a result, the demand for forged parts in these equipment and machinery is expected to grow over the forecast period. Pumps and ball valves application segments were the major contributors to Saudi Arabia forging demand in 2018 and accounted for volume shares of 27.1% and 20.0%, respectively. Pumps are integral components in oil drilling rigs as they help transfer fluids from one place to another. Various pumps such as centrifugal, positive displacement, and diaphragm have witnessed high demand in the oil and gas sector. The demand for forged components in pumps on account of increasing exploration and production activities in the oil and gas sector is expected to increase over the forecast period. Process Insights Open die process accounted for a volume share of more than 51.0% in 2018 in GCC metal forging market. This process is also called as open forging. In this process, the billet is placed between “hammer” or “stamp” dies. The material is altered through a series of continuous hammering and stamping movements until the desired dimensions are obtained. Metal products manufactured using open die forging often need machining with the help of CNC or other advanced machines to achieve desired dimensions. Custom shapes can also be manufactured using open die forging. Primary products manufactured using open die forging process in the GCC region include wellhead equipment, electric motors, turbines, ball valves, pumps, blowout preventers, and gas compressors. In terms of revenue, the closed die process is projected to expand at CAGR of 2.0% from 2021 to 2027. This process utilizes high pressure to compress the piece of metal into an enclosed die impression of required shapes. In this process, a medium-frequency induction heating furnace is utilized to heat the metal for pressing it into the enclosed dies. This process requires precision machined dies. As a result, forged components require little or no machining due to its high accuracy throughout the forging process.
Application Insights: GCC Metal Forging MarketPumps was the largest application segment with a revenue share of more than 26.0% in 2018. Pumps are extensively used in oil and gas and chemical industries to transmit fluids. Impulse, positive displacement, gravity, velocity, steam, and valve-less are the major types of pumps that are currently used in the oil and gas industry. Out of the aforementioned pumps, positive displacement pumps are commonly used in the oil and gas industry as they offer consistent flow irrespective of the pressure. The surging oil and gas activities in the GCC region are projected to benefit the demand in wellhead equipment applications. The outlook for oil and gas production in the Middle East remains optimistic owing to stable investments by the government oil and gas companies in the region. A significant boost in drilling activities in the region is predicted to provide a lucrative platform for forged wellhead equipment. Ball valves are used for a variety of upstream and downstream applications in oil and gas, petrochemical, chemical, process, and energy industries. Ball valves are used to control the flow of substances from one opening to the next. They are used for pressure and flow control of slurries, corrosive fluids, normal gases, and liquids. They are predominantly used in oil and gas industry but also find applications in manufacturing as well as chemical storage sectors respectively.
Regional Insights: GCC Metal Forging MarketSaudi Arabia lead the market and accounted for over 45% revenue share in 2018. The regional market is driven by the increasing use of forged components in automotive, industrial machinery, oil and gas, and construction applications. Factors such as growing construction and automotive aftermarket industries and easy availability of raw materials (aluminum and steel) are expected to drive the market growth. The GCC region is the world leader in crude oil production. Several major economies in the region depend on oil industry. Forged components are used in the assemblies of rotary drilling machinery and equipment, field production, and drilling rigs. Further, the demand for such components in machinery is high in the region for carrying out exploration and production activities, which is expected to drive the market over the forecast period. Major countries in the region are expected to witness high economic growth in the forthcoming years owing to the diversification program for other sectors by most of the governments in the countries from Middle East and Africa. Under this program, the government support for domestic manufacturing is anticipated to boost regional production levels and reduce the reliance on imports, which is expected to offer lucrative opportunities for vendors in the market.
Key Companies & Market Share Insights: GCC Metal Forging MarketThere are a small number of players present in the market compared to other regions such as Asia, North America, and Europe. End-use industries depend on imports of forged components. This provides opportunity for new entrants in the market. Thus, with the development of end-use industries, the establishment of new production facilities is expected over the long term in GCC countries. Some of the prominent players in the GCC metal forging market include:
Key companies Profiled: GCC Metal Forging Market Report
This report forecasts volume and revenue growth at the regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. Trusted Business Insights has segmented the GCC metal forging market report based on process, application and region:
- Precision Forging Factory
- Steel Forgings Gulf
- FTV Proclad (U.A.E.) L.L.C.
- Doosan Heavy Industries & Construction
- MFc Group
- El Nasr Company
Process Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Open Die
- Closed Die
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Ball Valves
- Wellhead Equipment
- Electric Motor
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market | read more...